MONROEVILLE, Pa., Oct. 22 /PRNewswire/ -- Parkvale Financial Corporation (NASDAQ: PVSA) reported net income for the quarter ended Sept. 30, 1993, of $1.8 million or $1.00 per share, up 6.6 percent compared to restated net income of $1.7 million or $.96 per share for the quarter ended Sept. 30, 1992. Parkvale previously reported net income for the September 1992 quarter of $1.3 million or $.75 per share. Without the effects of the restatement, net income would have increased 35.8 percent. Prior periods have been restated to reflect the effects of implementing Financial Accounting Standard No. 109 - Accounting for Income Taxes on a retroactive basis. As a result of the adoption of this change in accounting principle, Parkvale has recorded the benefit of a deferred tax asset of $3.2 million by reducing income tax expense on a cumulative basis through June 30, 1993. The cumulative reduction in income tax expense for financial statement purposes increased the book value of Parkvale stock by $1.82 per share; however, no refund of income taxes previously paid will be received. The above per share amounts and the following financial data do not reflect the effect of the 5-for-4 stock split which is payable on Oct. 28, 1993.
The $111,000 increase in net income for the September 1993 quarter reflects a reduced provision for loan losses of $569,000, which more than offsets a $391,000 reduction in net interest income due to lower yields on loans and investments. Net interest income for the quarter ended Sept. 30, 1993, decreased to $6.2 million from $6.5 million for the quarter ended Sept. 30, 1992.
Parkvale Financial Corporation, a unitary savings and loan holding company, is the parent company of Parkvale Savings Bank. The bank, which operates 26 offices in the Greater Pittsburgh area, had assets of $886 million at Sept. 30, 1993. Parkvale's capital was $50.9 million or $29.67 per share at Sept. 30, 1993, up from $49.3 million or $28.97 per share on a restated basis as of June 30, 1993.
PARKVALE FINANCIAL CORPORATION
Condensed Consolidated Statement of Operations
(In thousands except per share data)
(Unaudited)
Three Months Ended Sept. 30 1993 1992
Net interest income $6,157 $6,548
Provision for loan losses 599 1,168
Gain on sale of assets 0 0
Other income 482 494
Other expenses 3,191 3,122
Income before income taxes 2,849 2,752
Income tax expense 1,063 1,077(A)
Net income 1,786 1,675(A)
Earnings per share $1.00 $0.96(A)
Dividends per share $0.1625 $0.13
Selected Financial Data
(In thousands except per share data)
Sept. 30 June 30
1993 1993
Total assets $885,887 $886,074(A)
Savings deposits 795,404 791,973
Total loans 494,901 503,432
Loan loss reserves 10,834 10,283
Total stockholders' equity 50,893 49,322(A)
Book value per share $29.67 $28.97(A)
Other Selected Data
Three Months Ended Sept. 30 1993 1992
Average interest rate spread 2.64 pct. 2.72 pct.
Return on average assets 0.80 0.74 (A)
Return on average equity 14.15 15.26 (A)
Other expenses to average assets 1.44 1.38
Ratio of classified assets to total assets 0.59 0.48
Allowance for loan losses as a percent of
total assets 1.22 0.99 (A)
Non-performing assets $5,231 $4,325
(A) Restated to reflect implementation of Statement of Financial Accounting Standards No. 109, "Accounting for Income Taxes."
All share amounts do not reflect the effect of the 5-for-4 stock split which is payable on Oct. 28, 1993.
-0- 10/22/93
/CONTACT: Robert J. McCarthy Jr., president and CEO, 412-373-4815, or Timothy G. Rubritz, chief financial officer, 412-373-4817, both of Parkvale/
(PVSA)

CO: Parkvale Financial Corporation ST: Pennsylvania IN: FIN SU:
ERN

DM-CD -- PG001 -- 5652 10/22/93 10:38 EDT

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